3Q11 Results Conference Call

47.4 64.087.5 90.1

220 Est.

25.321.8

34.6 31.7

18.628.7

26.3 28.0

14.8

17.3

18.1 27.5

7.8

16.5

14.8 9.9

2007/2008 2008/2009 2009/2010 2010/2011 2011/12

Coffee

Rice

Cotton

Sunflower

Wheat

Corn

Soybean

2

Farming production evolution (Thousand tons)

Farming Business

Operational Performance

Farming planted hectares evolution (Thousand hectares)

453K 415K

619K 666K

220K

192K 183K

153K

140K

+8%

+15%

90.7 97.0

241.8 199.5

158.4 119.4

203.6169.671.1

69.9

61.292.998.6

95.0

91.7 172.0

2007/2008 2008/2009 2009/2010 2010/2011

Coffee

Rice

Cotton

Sunflower

Wheat

Corn

Soybean

42.6K

7.7K3.0K

18.7K

71.9K

Wheat (Completed)

Corn (Ongoing)

Sunflower (Ongoing)

Rice (Ongoing)

Total Planted Area (Ongoing)

2011/2012 Harvest Year

Planted Area as of September 30, 2011

Farming Business

Operational Performance

3

4

90.0

45.4

10.08.8

159.3

119.0

57.1

14.212.2

202.5

Crops Rice Dairy Others Farming Consolidated

24.8

0.61.5 2.9

29.9

45.3

4.3

2.7

7.0

59.3

Crops Rice Dairy Others Farming Consolidated

Gross Sales 9M

Adjusted EBITDA 9M

9M10

9M11

+32%

+26%

+41% +39%

+31%

+82%

+650% +72%

+142%

+99%

Sugar, Ethanol & Energy Business

Operational Performance

39.3 30.1

60.7

167.5

9M10 9M11

Angelica

UMA 197.6

100.1

29.5 28.7

104.5 106.5

9M10 9M11

Angelica

UMA 135.2134.1

0.93 0.82

2.022.63

9M10 9M11

Angelica

UMA 3.45

2.94

73.4 59.8

92.6 134.6

9M10 9M11

Angelica

UMA

194.4

166.0

5

Crushed cane Million Tons Sugar Production Thousand Tons

Ethanol Production Thousand M3 Exported Energy Thousand MWh

+17% +17%

+1% +97%

Sugar, Ethanol and Energy Production 9M

Sugar, Ethanol & Energy Business

Operational Performance

119.1

256.5

9M10 9M11

3.430.7

113.0 22.7

9M10 9M11

Hydrous

Anhydrous

139.9

171.7

9M10 9M11

9.8 24.3

64.573.4

50.0

96.1

9M10 9M11

Sugar

Ethanol

Energy

6

Sugar (Thousand tons) Ethanol (Thousand M3)

Electricity (Thousand MWh) Total Sales ($ Millions)

+23%

(34%)

+115%

+56%

560

358

555

958

$/ton $/M3

83

95 $/MWh

76.6

193.9

124.6

Sugar, Ethanol & Energy Business

Operational Performance

Sugar, Ethanol and Energy Sales 9M

116.3

32,616

49,47053,799

63,104

31/12/2008 31/12/2009 31/12/2010 30/09/2011

7

Sugarcane Plantation Evolution (Hectares)

+17%

Sugar, Ethanol & Energy Business

Operational Performance

8

Adjusted EBITDA 3Q11

+92% +207%

+225%

+99% +121%

+90%

Adjusted EBITDA 9M11

3Q10 3Q11 9M10 9M11

21.1%

31.0%

14.7%

31.8%

Adjusted EBITDA Margin Adjusted EBITDA Margin

Adecoagro Consolidated Financial Summary

+134% +29.2%

(15.6) (20.2)

26.8

86.929.9

59.3

Farming

S&E

Corporate

126.0

41.0

(3.6)(8.4)

22.6

42.97.1

15.6

Farming

S&E

Corporate

50.1

26.1

134.0

(5.6)

200.8

340.4

Debt Cash & ST Investments

Net debt

S&E

Farming

9

Net Debt

3Q11 Debt Currency Structure

3Q11 Net debt ($ Millions) 3Q11 Debt Term Structure

Total debt as of September 30, 2011,

stands at $335 million

$37 million of our cash balance were

deployed in CAPEX during the quarter

$48 million of our IPO proceeds

remain invested in short term deposits

Net debt remains negative at $5.6

million

45%

55%Short term

Long Term

49%

51%

Brazilian Reais

US Dollars

132,195 9,907 18,210

76,245 236,557

59,244 295,801

58,536

76,923 431,260

Crops, Rice & Coffee

Sugarcane Potentially Croppable land

Cattle Grazing Total Productive Farmland

Land Reserves Total Own Land

Leased Crops Leased Sugarcane

Total Land Under

Management

Land Breakdown (hectares)

Land Portfolio

Hectare Breakdown

10

$783,587

$(30,555) $40,522

$105,584

$899,138

11

Cushman & Wakefield Appraisal

Farmland

Cushman & Wakefield Appraisal

287.9K ha 5.1K ha 9.6K ha

292.4K ha

La Macarena Sale (1) C&W 2010 Valuation Recent Purchases (2) C&W 2011 Valuation (2) Land Transformation & Appreciation

(1) La Macarena was sold in December 2010 for a total of $34 million. In September 2010, the farm had been appraised by Cushman & Wakefield at $30.5 million. (2) Does not include the purchase of 3,400 hectares acquired in November 2011.

12

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us

and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,”

“estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii)

the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures,

strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our

relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future

demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the

logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and

world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan

Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business,

including environmental laws and regulations.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-

looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our

expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release

might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to,

inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on

these estimates and forward-looking statements.

The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in

this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the

statements are made or to reflect the occurrence of unanticipated events.

Disclaimer

13

Investor Relations

Charlie Boero Hughes

CFO

Hernan Walker

IR Manager

E-mail ir@adecoagro.com

Website www.adecoagro.com